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| Indian refiners to invest $27 billion to raise capacity by 20% | Indian refiners to invest $27 billion to raise capacity by 20% |
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| India’s state-held oil refiners are planning to spend as much as $27 billion (2 trillion Indian rupees) on raising the country’s refining capacity, junior oil minister Rameswar Teli told Parliament on Wednesday. | India’s state-held oil refiners are planning to spend as much as $27 billion (2 trillion Indian rupees) on raising the country’s refining capacity, junior oil minister Rameswar Teli told Parliament on Wednesday. |
| India, the world’s third-largest crude oil importer, hopes to lift its refining capacity by 20% by 2025 over its current refining capacity of around 5 million barrels per day (bpd). | India, the world’s third-largest crude oil importer, hopes to lift its refining capacity by 20% by 2025 over its current refining capacity of around 5 million barrels per day (bpd). |
| “The refining industry has been modernized and upgraded continuously with the indigenous and imported technologies for refining cost reduction,” Teli told lawmakers in a written reply to questions, as carried by Reuters. | “The refining industry has been modernized and upgraded continuously with the indigenous and imported technologies for refining cost reduction,” Teli told lawmakers in a written reply to questions, as carried by Reuters. |
| India is also investing in nearly doubling by 2025 its petrochemical production capacity from the current 3.2 million tons annually. | India is also investing in nearly doubling by 2025 its petrochemical production capacity from the current 3.2 million tons annually. |
| State-owned Indian Oil Corporation (IOC), the largest oil refiner in the country, looks to boost its crude oil refining capacity by one-third over the next half-decade as it believes that gasoline and diesel demand will continue to rise in India, IOC’s chairman Shrikant Madhav Vaidya told Bloomberg last month. | State-owned Indian Oil Corporation (IOC), the largest oil refiner in the country, looks to boost its crude oil refining capacity by one-third over the next half-decade as it believes that gasoline and diesel demand will continue to rise in India, IOC’s chairman Shrikant Madhav Vaidya told Bloomberg last month. |
| “I firmly believe all forms of fuel will have a place to stay -- fossil fuels will be there,” Vaidya told Bloomberg in an interview published in July. | “I firmly believe all forms of fuel will have a place to stay -- fossil fuels will be there,” Vaidya told Bloomberg in an interview published in July. |
| “Consumption is going from leaps and bounds and energy security is the primary concern for me, which may not be the concern to the developed world,” IOC’s top executive said. | “Consumption is going from leaps and bounds and energy security is the primary concern for me, which may not be the concern to the developed world,” IOC’s top executive said. |
| IOC is investing $13 billion in its capacity expansion, which will raise its crude oil processing capabilities to as much as 2.15 million bpd. | IOC is investing $13 billion in its capacity expansion, which will raise its crude oil processing capabilities to as much as 2.15 million bpd. |
| IOC operates 11 of India’s 23 refineries and has a 51-percent share of crude and product pipelines (by length) and 42-percent of all retail fuel outlets, Fitch Ratings said in mid-July, when it affirmed IOC’s rating at BBB-. | IOC operates 11 of India’s 23 refineries and has a 51-percent share of crude and product pipelines (by length) and 42-percent of all retail fuel outlets, Fitch Ratings said in mid-July, when it affirmed IOC’s rating at BBB-. |
| IOC’s strategy continues to be based on the demand for fossil fuels, unlike that of oil-to-telecoms conglomerate Reliance Industries. In June, chairman Mukesh Ambani said that Reliance Industries plans to invest more than $10 billion over three years in a new business unit that will build solar module, battery storage, electrolyser, and fuel cell factories. | IOC’s strategy continues to be based on the demand for fossil fuels, unlike that of oil-to-telecoms conglomerate Reliance Industries. In June, chairman Mukesh Ambani said that Reliance Industries plans to invest more than $10 billion over three years in a new business unit that will build solar module, battery storage, electrolyser, and fuel cell factories. |
| This article was originally published on Oilprice.com | This article was originally published on Oilprice.com |